A tariff designed to eliminate foreign competition completely will be expected to raise:
A. either a large or a small amount of revenue depending on the magnitude of the tariff imposed.
B. a relatively large amount of tax revenue.
C. a relatively small amount of tax revenue.
D. an amount of revenue equal to the amount of the tariff multiplied by the volume of exports.
Answer: C
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Use the following table to answer the question below.PriceQuantity SuppliedQuantity Demanded$101002951115027512190250132202201424518015265135A technological advance lowers production costs such that the quantity supplied increases by 60 units of this product at each price. Because of this technological change, equilibrium output in this market
A. increased by 60 units. B. increased by 30 units. C. decreased by 60 units. D. decreased by 30 units.
When a consumer is able and willing to buy or service, he or she creates which of the following?
a) consumption b) demand c) elasticity d) Allocation
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If the cross-price elasticity of salt and pepper is positive the goods must be complements.
Answer the following statement true (T) or false (F)